Technology and Education Essay -- Internet Computers Learning Papers

Technology and Education Technology has revolutionized the way in which all humans go about their daily lives. In every second of every day, our world and way of life becomes more developed and dependant on technology for the basic needs of human existences. Whether it is at home, work, school, walking down the street, or listening to music, technology has allowed people to do things better, faster, and more efficiently. As the world continues to explode with new technology being developed and current technology being refined, the emphasis on technology in education will be increasingly important. Technology can significantly enhance the development of learning and it is important that an understanding of technological principles and instruction be establish in our educational systems. Through the proper use, having technology incorporated into the curriculum of school systems gives children the opportunity to become smarter and more well rounded individuals. One may ask of how much of an impact that technology has on the development of students or why it may be needed in the classroom. For starters, technology flat out makes kids smarter. Now I am not say that simply placing a child in front of computer screen will increase their literacy, mathematical skills, or scientific capacity, but a properly structured computer or other technological program dealing with any of the subjects of study will have a greater positive impact on the learning of all students than the traditional teaching methods alone. Even so, how does technology make kids smarter? Well first of all, technology can refine the skills of teachers through further education, give them access to new and interesting concepts, a better unders... ...leave the classroom. Nothing will ever take the place of physically going to these places in person and experiencing all of the wonders that this world has to offer, but the use of technology creates means by which we can all experience new and wonderful things. That is teaching, gathering new and important information and shaping the minds of the future to carry on the existence of our society. Technology makes this possible and should continue to make this possible in the generations to come. References: www.education-world.com/a_admin/admin121.shtml www.education-world.com/a_admin/admin122.shtml). www.edweek.org/sreports/tc/class/cl-n.htm http://finney-mathew.tripod.com/Tech.html www.kitzenberg.net/education/debate/point.htm www.mff.org/edtech/article.taf?_function=detail&Content_uin1=127 www.weac.org/Kids/1998-99/sept98/ownmoney.htm

The Changing Role of the Secondary Educator Essay examples -- Educatio

The Changing Role of the Secondary Educator Teaching high school in the late twentieth century is a complex matter. As a secondary English teacher, my classroom is much more than discussions of novels, plays, poems, and the memorization of numerous grammar rules. The high school has become a site of contention: it's where students make decisions that create their futures. The educational system/community expects secondary teachers to find a happy medium between the order and disorder found in both the elementary/middle schools and the worlds of college and beyond. This essay discusses how knowledge and power are created, communicated, and eventually assessed in secondary classrooms. High school teachers often rely on a highly structured environment for fear that any attempt at providing students with pedagogical freedom will result in classroom chaos or anarchy. I ague that it is necessary for teachers to break from this structural binary of discipline. When they engage in radical pedagogies they create spaces for dialogic lea rning and the possibility for change. This essay is a result of many important influential forces on my professional life: teaching high school in the Pittsburgh Public Schools, the writings of John Dewey, and the radical and critical pedagogies expressed by Paulo Freire, Henry A. Giroux and others. I will first provide a bit of personal background--my learning experience in high school, and the shortcomings I have seen in it. I will then use John Dewey's essay, "The Education Situation: As Concerns Secondary Education" to provide a historical framework to my study. Next, I will examine how classroom management (discipline) affects students' learning. Finally, using recent work in critical and radical... ...7. Giroux, Henry A. with Patrick Shannon. "Cultural Studies and Pedagogy as Performative Practice." Education and Cultural Studies: Toward a Performative Practice. Eds. Henry A. Giroux with Patrick Shannon. New York: Routledge, 1997. Glasser, William. Control Theory in the Classroom. New York: Harper & Row, 1986. McLaren, Peter. "On Ideology and Education: Critical Pedagogy and the Cultural Politics of Resistance." Critical Pedagogy, the State, and Cultural Struggle. Eds. Henry A. Giroux and Peter McLaren. New York: SUNY Press, 1989. Macherey, Pierre. A Theory of Literary Production. New York: Routledge, 1988. Miklitsch, Robert. "Punk Pedagogy, or Performing Contradiction: The Risks and Rewards of (Anti-)Transference." Education and Cultural Studies: Toward a Performative Practice. Eds. Henry A. Giroux with Patrick Shannon. New York: Routledge, 1997.

Absenteeism and Attendance of Employees – Paper

Absenteeism and Attendance of Employees Employee absenteeism is one of the most common workplace problems facing employers in today’s workplace. Legitimate illnesses still account for the majority of employee absences, but some studies have shown that less than one-third of absences from the workplace are related to poor health. Most employers offer their workers vacation,  sick leave, paid time off, or other kinds of paid and unpaid  leave. A key to curbing abuse is to have an absenteeism policy that clearly sets forth which absences are allowed, and what behavior will subject the employee to  discipline.Absenteeism problems can range from employees not calling in or not showing up for their shifts, taking sick leave when well, and exhausting their available leave every month, to requesting extra time off and establishing patterns of abuse. For these non-protected absences employers can, and should, discipline their employees. A company’s policy should be clearly written and disseminated to all employees. In addition, the employer should make sure to  train all supervisors and managers  to ensure that the policy is being fairly applied.It’s a good idea to spot check attendance issues in every department to make sure that company rules are being fairly imposed. Absenteeism is the term generally used to refer to  unscheduled  employee absences from the  workplace. Many causes of absenteeism are legitimate—personal illness or family issues, for example—but absenteeism also can often be traced to other factors such as a poor work environment or workers who are not committed to their jobs. If such absences become excessive, they can have a seriously adverse impact on a business's operations and, ultimately, its profitability Read more:  http://www. nswers. com/topic/absenteeism#ixzz2OV25Xt00 Absenteeism  is the term used to describe the fact of an individual's missing his or her regular daily activity The habit ual non-presence of an employee at his or her job. Possible causes of absenteeism include job dissatisfaction, ongoing personal issues and chronic medical problems. Regardless of cause, a worker with a pattern of being absent may put his reputation and his employed status at risk. However, some forms of absence from work are legally protected and cannot be grounds for termination. Absenteeism  is a habitual  pattern  of absence from a  duty  or  obligation.Traditionally, absenteeism has been viewed as an indicator of poor individual performance, as well as a breach of an implicit contract between employee and employer; it was seen as a management problem, and framed in economic or quasi-economic terms. More recent scholarship seeks to understand absenteeism as an indicator of psychological, medical, or social adjustment to work. In this study absenteeism is defined as: temporary, extended or permanent incapacity for work as a result of sickness or infirmity The purpose o f the study was to investigate the incidence of learner bsenteeism in the country, the reasons why learners absent themselves from schools and examine the systems that exist to monitor and reduce learner absenteeism. Firstly, there are reasons for absenteeism associated with personal factors, such as illness, age, gender and learning difficulties. Secondly, absenteeism may be caused by socio-economic factors relating to food insecurity, problems with transport to school, the impact of HIV/AIDS on children and families How to Deal with Employee Absenteeism Employee absenteeism is one of the major areas of concern for organizations today.It reduces productivity and puts burden on the available staff. Let us take a look at some methods through which you can keep it in check in your organization. One of the biggest challenges that organizations face today is unplanned absenteeism. Frequent absenteeism from employees not only hampers the productivity of an organization, but it also affec ts the morale of hard-working employees. It is therefore essential that organizations get their act together and take necessary steps to reduce it. Absenteeism can either be for genuine reasons or culpable.It is the responsibility of a manager to identify employees who are frequently absent, and look for steps to counter it. Some researchers are of the view that punitive action is the only way by which unplanned absenteeism can be reduced, but this belief has few takers. You can persuade an employee to come to office but the chances that he would work wholeheartedly are slim. You don't want to create an atmosphere where your employees come up with new ideas to call in for a day off. This will also make it more difficult for employees who genuinely need a leave to tend to their personal or family issues.Besides, you can't have different set of rules for different people as this will lead to accusations of discrimination. Analysts have pointed out that an authoritarian style of manage ment is one of the prime reasons behind frequent absenteeism and tardiness. Managers who set up targets that are simply unachievable or blame everyone expect themselves for any failure, put their employees under a lot of stress. This is one of the major reasons why employees don't feel like coming to office. Organizations which fail to have an efficient leave policy in place also witness high absenteeism.In the absence of a point of contact, employees get more leverage which can lead to higher absenteeism levels. How to Reduce Employee Absenteeism? Reducing employee absenteeism requires sustained effort, and the first and foremost step in this direction is to provide coaching to the team leaders/managers of your organization. Managers should be provided with adequate training to improve their interpersonal skills. They should also be reminded that the power that has been conferred upon them has to be used to make the organization a better place to work, not to boss around and put pe ople off.This will not only help you in addressing the issue, but also in tackling issues like employee turnover, and low morale among your staff. Having a clear leave policy is essential if you don't want your employees to abuse their privileges. It is important that you explain all the policies to your employees when you recruit them so that there is no scope for miscommunication. This helps especially in case of large organizations where it is virtually impossible to keep an eye on every employee. Having an effective communication system helps in maintaining transparency and keeps rumor mongers at bay.It dispels negativity and makes employees feel that they are being recognized as a part of the organization. Trusting your employees by giving them more responsibility instills a sense of confidence in them and creates a good atmosphere in the workplace. Rewarding employees who have shown good performance by missing lesser work days can go a long way in helping you deal with employe e absenteeism. It will not only help in recognizing hardworking employees, but also motivate employees to come to work rather than staying at home.Unplanned absenteeism costs a few million dollars to American companies every year, so it is important that you address this issue with utmost seriousness. If yours is a small or a mid-scale business, then the effects are much more grave. You can't completely wipe out this issue, but what you should essentially aim to do is to reduce the frequency of culpable absenteeism. Absenteeism – employees not showing up for work when scheduled – can be a major problem for organisations. As pressures increase on the budgets and competitiveness of companies, more attention is being given to reduce workplace absenteeism and its cost.Most research has concluded that absence is a complex variable and that it is influenced by multiple causes, both personal and organisational. Job satisfaction has been noted as one of the factors influencing an employee’s motivation to attend. INTRODUCTION To many in the world of work, absenteeism is one of those stubborn problems for which â€Å"†¦.. there is no clear culprit and no easy cure† (Rhodes & Steers, 1990, p. 1). Furthermore, as a general phenomenon it does not discriminate against individuals on the basis of sex, race and religion. Bydawell (2000, p. 5) postulates that â€Å"employers have the right to expect good attendance from their employees as employment is a contract between two consenting parties. † The author further states that absentee issues will undoubtedly arise within the employment relationship, and should be resolved in a manner which is fair and equitable to both the employer and the employee. Absenteeism can be very costly to organisations and enormous savings can be realised through effective management of non-attendance at work. Besides the cost implications, absenteeism is influenced by dozens of interrelated factors hich make it even more difficult to â€Å"quantify, qualify, or rectify† (Tylczak , 1990, p. 9). One of these factors which have been cited by different researchers is an employee’s level of job satisfaction in the workplace. In conjunction with this, George and Jones (2002, p. 93) maintain that â€Å"†¦many researchers have studied the relationship between absenteeism and job satisfaction in an attempt to discover ways to reduce absenteeism. † Early job satisfaction research has emphasised the underlying assumption that job dissatisfaction represents the primary cause of absenteeism (Steers, Porter & Bigley, 1996). McShane’s (1984) review as quoted by Steers et al. (1996) supported the notion that employees who are dissatisfied with various aspects of their jobs are more likely to be absent. Studies by McShane (1984) found â€Å"job satisfaction to be more highly related to frequency of absences than to number of days lost† (Steers et al. , 1996, p. 4 09) Rhodes and Steers (1990) propose that employee attendance is based on an employee’s motivation to attend as well as their ability to attend. According to George and Jones (2002), job satisfaction is one of the factors affecting an employee’s motivation to attend.It becomes important to measure the strength of the relationship between absenteeism and job satisfaction as â€Å"†¦.. positive attitudes can at times serve to â€Å"pull† the individual towards the organisation and the reverse can be expected when attitudes are more negative † (George & Jones, 2002, p. 94). An employees’ ability to attend is influenced on the other hand by factors such as family responsibilities, transportation problems, accidents and the like. Once all these variables are identified, managers may begin to understand why employees sometimes choose not to come to work when they are fully capable of attending.By the same token, it is â€Å"equally important for ma nagers to understand those circumstances in which people, for whatever reason (illness or otherwise), are genuinely unable to come to work† (Rhodes & Steers, 1990, p. 13). Absenteeism seems to be a behaviour that organisations can never eliminate, but they can rather control and manage it. George and Jones (2002, p. 94) note that â€Å"organisations should not have absence policies that are so restrictive that they literally force workers to come to work even if they are ill. Organisations may want to recognise that a certain level of absence is indeed functional. PROBLEM STATEMENT Tremendous pressure is being placed on companies to reduce costs either through downsizing, outsourcing or restructuring. For many employees, these changes can cause feelings of insecurity regarding the nature of their jobs as well as their future. Not having people at work increases the workload of fellow employees, reduces productivity and increases the cost of contract labour. Absenteeism In ter ms of the discussion, the three terms â€Å"absence, absenteeism and sickness absence† will be used as synonymous in meaning, implying that workers who were scheduled for ork and expected to attend, did not do so. Cascio (2003, p. 45) defines absenteeism as â€Å"any failure of an employee to report for or to remain at work as scheduled, regardless of the reason. † Milkovich and Boudreau (1994) define absenteeism from an organisation’s perspective as â€Å"the frequency and/or duration of work time lost when employees do not come to work. † Absenteeism therefore implies â€Å"an unplanned, disruptive incident; but more specifically, it can be seen as non-attendance when an employee is scheduled for work † (Van der Merwe & Miller, SUMMARY OF CHAPTERIn summary, this chapter highlighted the fact that absenteeism is pervasive throughout most organisations and can place huge financial burdens on organisations. A central concern in organisations is proba bly that some employees believe that it is their â€Å"right† to 13take sick leave whether they are sick or not. These short, unscheduled absences impact on work schedules, increase workloads of other employees and can also have a detrimental effect on productivity. Furthermore, this chapter emphasised that absenteeism is influenced by a number of interrelated factors ranging from family responsibilities to satisfaction on the job.Literature suggests that absenteeism is a major problem in many organisations, hence, the importance of focusing on this behaviour within the organisation. Various studies have attempted to examine the relationship between absenteeism and job satisfaction as absence is commonly viewed as one of the means of withdrawal from stressful work situations. According to Luthans (1995), research has generally revealed a consistent inverse relationship between job satisfaction and absenteeism, i. e. when satisfaction is high, absenteeism tends to be low and w hen satisfaction is low, bsenteeism tends to be high. ABSENTEEISM 2. 2. 1 INTRODUCTION Unscheduled absences affect almost every type of organisation. Hoque and Islam (2003, p. 81) describe absenteeism as a â€Å"subject to be studied, matter to be thought over and a problem to be solved. † Besides the direct costs associated with absenteeism, there are also indirect costs such as hiring of casual staff, reduced productivity, turnover and potential loss in revenue (Cole, 2002; Mason & Griffin, 2003). Robinson (2002) further notes that the indirect costs of absenteeism can be up to three times higher than the direct osts of absenteeism. It therefore becomes vital that organisations recognise the extent of this problem due to the high costs associated with continued unscheduled absences. The main problem is perhaps that many employees believe sick leave is a â€Å"benefit † like annual leave and they are entitled to take it, irrespective of the condition of their health. This has implications for organisations because it is difficult for an organisation to operate smoothly if employees fail to report for work. According to Robbins et al. (2003), having sick leave programmes in organisations, i. e. providing paid sick eave, actually enforces the wrong behaviour, which is absence from work. The authors argue that organisations should rather reward employees for attendance, not for being absent. Moreover, the importance of good attendance and its benefits should be clearly communicated to all employees (Bydawell, 2000). Rhodes and Steers (1990) maintain that people tend to have different perspectives or attach different meanings when viewing the topic of employee absenteeism. To the 20manager, absence is often seen as a problem to be solved, but to the employee it can take on a very different meaning.For the employee, absenteeism can be symbolic of deeper feelings of hostility or perceptions of inequitable treatment in the job situation or a way to sab otage the organisation for the poor work environment or other attributes of the job. TYPES OF ABSENTEEISM Van der Merwe and Miller (1988) classify absenteeism into three broad categories that help to understand the nature of this phenomenon. They are: (1) sickness absence, (2) authorised absence/absence with permission and (3) unexcused absence/ absence without leave. Sickness absence Sickness absence is a category where employees claim ill health as their reason for bsence. Requirements regarding medical/doctor’s certificates vary and are determined by company policy or the Basic Conditions of Employment Act (BCEA). The Basic Conditions of Employment Act 75 (1997) stipulates that a certificate needs to be produced after two days of sickness absence. Most managers have found that certification is not a guarantee of genuine absence as it has become easy for people to gain access to medical certificates. Van der Merwe and Miller (1988, p. 10) maintain that â€Å"having a criti cal attitude to short sick absence, and indicating to employees that heir absence behaviour is regularly monitored, is likely to result in a better norm of attendance. † 2. 2. 3. 2 Authorised absence Absence with permission is where employees prov an â€Å"excuse† for their absence whether that be for holidays, study leave, special leave and the like. Normally such a request is included in the absence policy (Van der Merwe & Miller, 1988, p. 11). 2. 2. 3. 3 Unexcused absence All absences not falling into the two previous categories and where no reason is given, or not accepted, are regarded as unexcused (Van Der Merwe & Miller, 1988, p. 11). This ype of absence, when it reaches problematic proportions, will have to be pointed out to employees in question in order to bring their attendance in line with acceptable norms Employees who come to work later in the day or who leave earlier are normally not recorded on the leave records of employers and the supervisor is normall y aware of such absences (Wolmarans, 1994). CONCLUSIONS AND RECOMMENDATIONS Sickness absence has attracted attention in response to competitive pressures and tightening labour markets and by managing absence, organisations can achieve a better competitive edge (Johnson et al. 2003). For many organisations however, absenteeism management remains a daunting task, as it can place huge financial burdens on organisations. Aware of the indirect costs associated with absenteeism, management must determine what factors are responsible for absenteeism and how these factors can be addressed to curb this challenging problem. The main goal of the present study was to determine the impact of job satisfaction on absenteeism as research generally states that dissatisfied employees are more likely to miss work than satisfied employees (Aamodt, 2004; Saal & Knight, 1988). The study owever only found a weak, albeit inverse correlation between satisfaction and absenteeism. The role of other variables, for example personality, work-group norms, organisational commitment and family related responsibilities have not been included although their impact on absenteeism have been noted (Mowday et al. , 1982; Rhodes & Steers, 1990). In order to improve on this, it is suggested that further research be undertaken to ascertain the potential effect of these variables on absenteeism. 145Since the current research utilised a non – probability sampling method, certain groups may have been under-presented.Although the sample of 121 is considered appropriate, a larger, stratified random sample would have enabled greater precision and control with respect to the sample. Furthermore, the sample employed was relatively small, reducing the study’s generalizability to the larger organisation. Moreover, the small number of female respondents prevented meaningful comparisons being made. The study was conducted in one organisation in the Western Cape, which further limits its applicabilit y to a wider population. A cross-sectional design was used for the study as it provided the researcher with a napshot of the research elements at a given point in time. Even though this design is considered appropriate, a longitudinal study would allow for forming a better understanding of the true nature of absenteeism and job satisfaction as it uses the same sample over a period of time. The study is further limited in that it used self –report measures of absence, which is highly subjective. Johns (1996) as quoted by Siu (2002) – argues that â€Å"employees do not have accurate perceptions of their own absenteeism, some employees underestimate their own absenteeism and overestimate the absenteeism of co-workers† (Siu, 2002, p. 218).Further research should adopt more objective measures of absence. The second goal of the study focused on the relationship between personal characteristics and absence. Significant correlations were found and it is important for ma nagement to 146understand these dynamics in order to control absenteeism in the workplace. The importance of understanding specifically the impact of age on the work force will continue to grow, owing to changes in legislation (age discrimination, non-mandatory retirement) and also the impact of HIV and AIDS (Kacmar & Ferris, 1989). Organisations need to have stringent policies in place to control absenteeism, and a ulture of attendance needs to be cultivated amongst employees. Future research needs to also examine the absence severity rate (ASR) which indicates the number of days sick leave per incident over a period of time, which is how long employees are off when they do take sick leave (Mowday et al. ,1982). Excessive absenteeism can escalate to the point that it directly affects productivity, quality and morale. A final goal of the study was to examine the impact of personal characteristics on job satisfaction. While the study focused on personal predictors of job satisfaction , there re other variables (job and organisational) that may be better predictors of job satisfaction (Spector, 1997; 2000). It is suggested that further research needs to be conducted to identify these factors that contribute to employees’ job satisfaction. 147REFERENCE LIST Aamodt, M. G. (1996). Applied Industrial/Organisational Psychology (2nd ed. ). USA: Brooks/Cole Publishing Company. Aamodt, M. G. (2004). Applied Industrial/Organisational Psychology (4th ed). USA: Thomson/Wadsworth. Alavi, H. R. , & Askaripur, M. R. (2003). The relationship between self-esteem and job satisfaction of personnel in government organisations.Public Personnel Management 32 (4) : 591-599. Anderson, A. E. (2004). What’s absent in absence management. Employee Benefits Journal 29 (1) : 25-30. Anderson, N. , Ones, D. S. , Sinangil, H. K, & Viswesvaran, C. (2001). Handbook of Industrial, Work and Organisational Psychology- Volume 2 London : SAGE Publications. Anthony, W. P. , Perrewe, P. L. , & Kacmar, K. M. (1999). Human Resource Management- A strategic approach (3rd ed. ). Publishers: Harcourt Brace College. 148Armstrong, M. (1996). Personnel management practice (6th ed. ). London : Kogan Page. Atchison, T. (1999). They myths of employee satisfaction.Healthcare Executive 14 (2) :18-23. Bajpai, N. , & Srivastava, D. (2004). Sectorial comparison of factors influencing job satisfaction in Indian banking sector. Singapore Management Review 26 (2) : 89-99. Berkowitz, L. (1987). Pay, equity, job gratifications and comparisons in pay satisfaction. Journal of Applied Psychology 72 (4) : 544-551. Bless, C. , & Higson-Smith, C. (1995). Fundamentals of social research methods. An African perspective. (2nd ed. ). South Africa : Juta and Co, Ltd. Brief, A. P. (1998). Attitudes in and around organisations USA : SAGE Publications. Butler, J. (1994).To conduct an investigation into absenteeism in Cape Town organisations. Unpublished masters thesis, University of Cape Town. Buitenda ch, J. H. , & De Witte, H. (2005). Job insecurity, extrinsic and intrinsic job satisfaction and affective organisation commitment of maintenance workers in a parastatal. South African Journal of Business Management 36 (2) : 27-33. 149Bydawell, M. (2000). Managing people who don’t come to work. People Dynamics 18 : 15-19. Carr, M. , & Human, P. (1988). Job satisfaction and its relationship with demographic and work-related variables: A case study in the Western Cape, South Africa.South African Journal of Labour Relations 10 (3 & 4) : 60-67. Cascio, W. F. (2003). Managing Human Resources : Productivity, quality of work life, profits (6th ed. ). MacGraw-Hill Irwin. Chambers, J. M. (1999). The job satisfaction of managerial and executive women: Revisiting the assumptions. Journal of Education for Business 72 (2) : 69-75. Cole, C. L. (2002). Sick of absenteeism? Get rid of sick days. Workforce 81 (9) : 56-60. Connolly, K. , & Myers, E. (2003). Wellness and mattering: the role of h olistic factors in job satisfaction. Journal of Employment Counseling 40 (4) : 287-295. Cooper, D. , & Emory, C. 1995). Business research methods (5th ed. ). USA: McGaw-Hill. Cooper, C. , & Locke, E. (2000). Industrial and organisational psychology Blackwell Business. 150Cooper, D. , & Schindler, P. (2001). Business research methods (7th ed. ). McGraw- Hill Irwin Cooper, D. , & Schindler, P. (2003) Business research methods (8th ed. ). MacGraw-Hill Irwin. Cranny, C. J. , Cain-Smith, P. , & Stone, E. F. (1992). Job satisfaction: How people feel about their jobs and how it affects their performance Lexington Books. Cresswell, J. (2003). Research design-Qualitative, quantitative and mixed methods approaches (2nd ed. ).USA : SAGE Publications. De Vos, A. S. (1998). Research at grass roots: A primer for the caring professions J. L. Van Schaik Publishers. Du Plessis, A. , Visser, D. , & Fourie, L. (2003). Die omvang en aard van afwesigheid in die werkplek; ‘n Suid-Afrikaanse gevalst udie. SA Journal of Industrial Psychology. 29 (1) : 58-67. Egan, M. , & Kadushan, G. (2004). Job satisfaction of home health social workers in the environment of cost containment. Health and Social Work 29 (4) : 287-295. Employee assistance programmes (June 2004). Employee Benefits. 151Ericson, D. (2001). Lessons in absenteeism management. Benefits Canada, 5 (4) : 89- 91. French, W. L. (1998). Human Resources Management. Boston, New York : Houghton Mifflin Company. Friday, S. , & Friday, E. (2003). Racio-ethnic perceptions of job characteristics and job satisfaction. Journal of Management Development 22 (5) : 426 – 442. Fried, Y. , Melamed, S. , & Ben-David, H. (2002). The joint effects of noise, job complexity, and gender on employee sickness absence: exploratory study across 21 organisations –the CORDIS study. Journal of Occupational and Organisational Psychology 75 : 131-144. George, J. M. , & Jones, G. R. (2002). Organisational behaviour. (3rd ed. ). New Jersey :Pr entice Hall. Gibson, J. , Ivancevich, J. , & Donnelly, J. (1997). Organisations: Behaviour, structure, processes. (9th ed. ). Chicago : Irwin. Goldberg, C. , & Waldman, D. (2000). Modelling employee absenteeism: Testing alternative measures and mediated effects based on job satisfaction. Journal of Organisational Behaviour 21 : 665-676. 152Gragg, E. (2004). Telecommuting comes of age. Office Solutions 21 (4) : 46-47. Hair, J. F. , Babin, B. , Money, A. & Samouel, P. (2003). Essentials of business research methods Leyh Publishing, LLC. Hardy, G. E. , Woods, D & Wall, T. D. (2003). The impact of psychological distress on bsence from work. Journal of Applied Psychology 88 (2) : 306-314. Harris, D. (2005). Dealing with sickness absence. Training Journal Haswell, M. (2003). Dealing with employee absenteeism. 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Mechanical man: John Broadus Watson and the beginnings of behaviorism Essay

All by dint of history, instruction and philosophy experience progress taboo as ever-evolving eyepatchs of disciplines that ar not only when inter cerebrateed, but alike drivers of all(prenominal) other. This is because reading involves the sue of passing down randomness from integrity origin to other nighone who will receive it. The way the noesis or piece of in tuneation by the recipient or bookman and the informant or t to each oneer, forms the central features of the suffice of preparation and its overall effect on the society. In subjoinition, in that respect is evidence of numerous circumstanceions of trainingal disciplines that exist in the field and each requires a bad-tempered way or method of doing intimacys. Natural sciences, biological sciences, friendly sciences, gentlemans gentlemanities and many other argonas of studyal cultivation that split from the mainstream disciplines as discern up as those that be discovered on a day to day t ail end in the continued exploitation of slipway to not only illuminate education some(prenominal) easier, but also trace the underlying mental and behavioral sen periodnts.On the other hand, with tabu philosophy, it is arguably deducible that education and training would not be in existences today. Practically, education and learn is one of the most(prenominal) outstanding aspects of human life whose absence seizure is an imagin able. Apparently, it is the historical and the proceeding studys and transformations of the philosophical concepts that contour the kind of processes, developments as hearty up as out draws multiform in education.The link amidst education, theories and philosophiesIt is in this light that the study of the concepts of structuralism, constructivism, functionalism and the upstart behaviouristic psychology and cognitivism leads to the arrangement that these philosophical as wellspring as empirical studies on educational and eruditeness con cepts get hold ofs slightly the ensue that in that respect has been a progressive development and logical sequence of events in the philosophies which in turn end up deliverance near a difference in the understanding of the elements of tuition in educations.As such, this paper seeks to look deep into the prefatorial definitions, concepts and effects of the cognitivism, behaviorism and constructivism. The process of this in-depth digest is establish on the basal players involved and the experiments that guard been conducted as well as the other ones, which return the potential to mount the association of the elements. From the historical arenas of education processes to the young conduction of education of various disciplines including aviation, it is attainable for a well-crafted idea, full of valid instruction and logical intercourses and linking sens be presented to bring active the achievement of this objective. In the end, it will be a emergency to join the dots that link these three concepts in such a way that the timeline and concept of use be made evident. With a broad look at each of the issues, the paper seeks to prod into the development and thus, delve into the proof that all these philosophies postdate about as a way of choice a loophole imbed in another or as a favourable form of mitigation (Buckley, 1989).Behaviorism earlier to delving into the aspect of behaviorism, it is burning(prenominal) to get in touch with the events and concepts that were developed way in advance this concept and how they have had an entrance on the speed as well as the stepping stones for the procession to the eventual use of behaviorism as a way of circumspect what happens and goes on in the training and development process in education. The concepts of structuralism and functionalism have start out out as cosmos the blusher movers and shakers in this process (Kitchener & ODonohue, 1999). For instance, the schools of apprehension brin g out issues that are different but complimentary to each other such that one phenomenon in one is explained or illustrated by a concept in another. Structuralism is based on the basic nature of all that is in existence and how the basic and smallest particles of clobber such as atoms act in order to create a particular effect. In psychology therefore, this concept is use as a way of determination and understanding the internal processes of the mind as a way of knowing the human mental processes from the structural point of view. Functionalism, on the other hand, is a concept that seeks to mystify out with the principles of understanding the functional aspect of consciousness away from the structural purview (Watson, 2008).It is from the foundations of the philosophers of the past who came up with experiments and concepts of structuralism and functionalism that the idea process of creating behaviorism concepts. Having been first brought frontward by the John Watson in the oth er(a) 1900s, a plethora of written materials support the idea that the study of behavior with a concentration on the extents to which the processes of actions and response come about are can be used to understand such concepts as those that influence human behavior (Kitchener & ODonohue, 1999). Basically, this concept has its key focus on the two-way understanding of the multifaceted relation between a stimulus and a reply to it. It is the endeavor of a dear(p) psychologist to understand how a stimulus, which is a unique(predicate) action, event, or sensation that an organism is subjected to, the response on the individual. On the other hand, for the reaction or response of the subject, it should be workable to understand type, or part still, the specialized stimulus that is responsible for the response (Buckley, 1989).As a consequence of this, other affiliates and sub-branches of the instruct and classical authoring have come up as a government issue of myriads of empiric al experiments. Thus, as Watson puts it, in a particular environments, well placed erudite training as well as the little look to phylogeny or potential, any individual organism is competent of becoming what they are expected, trained or conditioned to be (Watson, 2008).CognitionismWhereas the concepts and principles of behaviorism have been used for a long time to come up with an understanding of the underlying and deep-seated issues in acquisition processes, there was admit to understand the process of learning with the point of view that emanates from the study of the thought process, information processing and manipulation as well as the effects on learning. As such, from the early times of scientific and philosophical propositions, it is noted that the search of the understanding of the learning process is spotted with a spectra of footprints of scientists and scholars (Jahnke & Nowaczyk, 1998). Though they use a classification of various earlier concepts, Charles Darwins ontogenesis theory states that from the onset of existence of life, organisms have done for(p) through changes within and without their species in a bid to participate equivalently in the competitive world of the survival for the fittest as well as Deweys unearthly approach tend to agree on one thing that organisms and human beingnesss bear gradual development and depending on the environment, there are possible modifications that come about in order for the organism to better live in their environments. It is for this reason that all eyes then focused into the exploring the key influencer of consciousness and thought as well as the varying effects that come from it (Shettleworth, 2010). done a number of experiments, it was found that the though process and what affects it, play an important role in determining the learning ability, process and outcomes involved. Apparently, in as much as structuralism and functionalism come death to helping understand the internal process o f learning they are just basic foundations and stepping stones towards the understanding of behavioral, cognitive as well as constructivism. This means that even though Watson puts it across that through behavioral condition in a suitable environment, one can become whatever they are conditioned to be by learning, there are a few variations that can only be explained via the understanding of cognitive processes. Basically, it is a known fact that functioning in assessment procedures and tests come out differently for different people. This is because there are a difference in the cognitive aspect of learning that is manifested in the motivation, duration and level of intelligence, personality and other traits that influence an individuals ability to learn. It is also of vastness in the understanding of the processes that bring about the differences between the reflective and the willing persons as well as spell the stones covering the facts about crystallized and limpid intell igence. One of the most outstanding aspects of cognitivism is the fact that it is related to treatment and not stimuli as in behavioral models. As such, optic effects in learning process, signs, schoolroom structure, motivation and teaching methods are among the factors to consider when the subject is under study for the cognitive aspect of learning (Jahnke & Nowaczyk, 1998).ConstructivismNotably observe as one of the most predominate forms of education theories that the modern arena of education is based, is presents itself as the latest used form of model by many. Constructivism is defined as the ability of the student or the learner to perceive a new piece of information, store it in the memory and add it to the already existing information in the memory such that the end ensue is a learning process that is peaceful of a knowledge based on various building blocks acquired over time. The student, having gone through experiences, read or learnt about the information prior to the current information learnt, is able to add up or relate the piece of information, makes a continuative and derives a meaning or certainty from it. As such, this method is seen as being one that links both the processes of learning involving practical and theory. Through this, it is more possible to the learner than ever before, for the learner to play the main role of education to make a meaning of life and the thing that surround the human race (Shettleworth, 2010). employment in the aviation persistence discursive reasoning and actions that come as a result are of nifty importance in every working or professional environment. It is important to note that, some more than others, workforce environments require great precision, stability of the mind as well as accuracy of thought in the bid to bring about subtile completion of tasks or assignment. The aviation industry is one of such fields of work, which need great and well-regarded ways of doing things that will come out as evidently cost-efficient and effective. It is for this reason that all involved in this process from their time of training and learning need to be percolated in name of ability and mental acuity (Reed, 2007). in one case this is done, all should be subjected to the widely ranging learning processes that are based on the models mentioned above. Through studying of the learning process with regard to behavior, spatial skills, interpersonal intelligence, intrapersonal intelligence, ability to link pieces of information and fix a fuss in the shortest time possible, it is possible to come out with fully baked forcefulness for the field of work. Even though these methods of evaluating learning processes act as complimentary aspects of the others, it is important to note that many situations vary with what they quest from the person in charge. For this reason, subjection of the learning subject to each of them before evaluation of the ability to use all in combination is a vital idea for the potential personnel for the aviation industry. Moreover, it is through these educationally proven processes that ones abilities, limitations can be determined, and recommendations made as to the kind of departments in which one is able to fit in. Generally, these educational theories and philosophies have logically evolved over time in a bid to bring about advancements in the field of education and learning process (Reed, 2007).ReferencesBuckley, K. W. (1989).Mechanical man John Broadus Watson and the beginnings of behaviorism. young York Guilford Press.Jahnke, J. C., & Nowaczyk, R. H. (1998).Cognition. Upper Saddle River, N.J Prentice-Hall.ODonohue, W. T., & Kitchener, R. F. (1999). handbook of behaviorism. San Diego, Calif Academic Press.Reed, S. K. (2007).Cognition conjecture and applications. Australia Wadsworth/Thomson Learning.Shettleworth, S. J. (2010).Cognition, evolution, and behavior. Oxford Oxford University Press.Watson, J. B. (2008).Behaviorism. Tucson, Ariz West Press.

Problems: Balance Sheet and Financial Statements

THE fuss OF THE BEE PROBLEMS IN FINANCIAL REPORTING OF JOLLIBEE FOODS grassS 2005 FINANCIAL STATEMENTS A refresheds bill Submitted In Partial Fulfillment of the Requirements for the melodic line ACT515M (Problems in m angiotensin-converting enzymetary report) MC REYNALD SIMBAJON BANDERLIPE II Candi era for the degree of MASTER OF attainment IN ACCOUNTANCY Mr. WILFREDO BALTAZAR Professor De La S altoge on that invest University Manila Term 2, SY 2006-2007 THE PROBLEM OF THE BEE PROBLEMS IN FINANCIAL REPORTING OF JOLLIBEE FOODS CORPORATIONS 2005 FINANCIAL STATEMENTS Mc Reynald S.Banderlipe II College of trading and Economics, De La S completelye University Comp either Background This writing aims to perform an analysis of the 2005 mo elucidateary statements of Jollibee Foods corp. in the pedigree much(prenominal)(prenominal) birthment, this chapter int removeed to present nigh nurture about the c all told(prenominal)er-up, and how Jollibee became the backsh eeshing companionship in the Philippine steady diet industry. after graduating with a degree in Chemical Engineering, Tony Tan Caktiong conciliated non to compete with fellow impertinent yuppies at his term searching for jobs after graduation.Having gained first-hand suffer in managing a family eatery in Davao during his puerility classs, he decided to pursue a sustenance short garner that would be innocent to operate. Thus, he borrowed P200,000 from his father to commence a Magnolia codswallop cream license beside Corvirtuosot field of battle in 1975. With his ingenuity and passion to indulge the cravings of his customers, the idea of serving Ameri hobo foods much(prenominal) as hamburgers and fries that is quick, tasty and low- comprise (Acuna, Bernardo, Dy, Malabanan, and Young. , 2004) became his vision that he never conception would be genius of the entrepreneurial successes in the Philippines.In 1978, the vision became a realisticity when Tony and his family decided to incorporate and saw the birth of Jollibee Foods gage. mavin yr after, the go with posted P2 zillion peso sales neverthelessts. It in ilk manner marked the mental institution of a first Jollibee franchise in Sta. Cruz, Manila and its first TV advertisement. Jollibee entered the enumerate of the overtake 1000 smokes in 1981. Since then, the representativeicipation continues its unprecedented growth as it enters the Top 500 in 1984, the Top 250 in 1986, and Top 100 in 1987. Mean art object, in 1983, JFC launched flagship motto of JFC, known as the Langhap Sarap. The division 1986 signa guide the start of branching out in the global market by put an outside(a) outlet in chief(prenominal)land China and Brunei Darussalam. In 1989, the attach to posted in truth remarkable sales of P1. 3 Billion, while expansion efforts continued when they acquired 73% take in the Hamburger fragment of the fast food industry in 1991. Jollibee became a public corpor ation in July 14, 1993 with its sign offering of P9. 00 per portion out. The expansion of JFC came when they acquired Greenwich Pizza dope in 1994 and Delifrance, a popular French patisserie shop, in 1995. This led to the increased variety show of food items served by JFC.In 1996, the Far easterly Economic Re opinion cited Jollibee as wizard of the legislateing companies in Asia. At the leftover of the stratum, much than and more Filipinos abroad trooped down(p) to their Jollibee lines in Guam, the eye easternmost, and Hong Kong. In 1997, Jollibee heart-to-heart a nonher branch in Xiamen, China. A year after, the ships connection marked its three-hundredth monetary fund in Balagtas, Bula evict, unneurotic with an international branch in Daly City, California. The f atomic number 18ing geezerhood in that respectafter saw the P20 Billion sales and recognition of Jollibee as the Most prize Comp most(prenominal)(prenominal) in the Philippines and third world( a) in Asia.Jollibee opened its 400th introduce in Intramuros, Manila, while sales infinitely shoot up to the P27 Billion mark. In the same year, Jollibee opened its 500th store in Basilan, Isabela Province. At present, Jollibee continues to expand its internet of stores, after acquiring Chowking in 2000, an 85 percent component part in Yonghe world-beater in 2004, and expiration bay wreath bakery in 2005. flurry 1 timetable of Selected Jollibee Products from the long time 1978 2005 Jollibee Foods confederation Timetable of Selected Products 1978 2005YEAR 1978 1979 1980 1982 1985 1986 1988 1990 1991 1992 1994 1995 1996 1999 2000 2001 2004 2005 PRODUCTS Regular Yum, Yum with Cheese Spaghetti supererogatory grumblerjoy, French Fries Palabok Fiesta eat Meals Chunky Chicken Sandwich brawtwirl loony sundaes Coleslaw, blissful Hotdog, P distributively Mango Pie Pancakes Fruit-flavored ice cream sundaes Greenwich Pizzas and Pastas Delifrance French Pastries, Burger Steak A mazing Aloha, chili Wings Cheezy Bacon Mushroom Burger Chowking Products, Pepper softheaded Burger, Shanghai Rolls, Pocket Pies, and Swirly Bitz Glazed Chicken Rice, Honey Beef Rice, Chicken Sotanghon Soup, bait Meat Pies, Yonghe force Products Super Meals, Jolly Chicken Tocino, Red Ribbon Cakes and Pastries As of 2005, the federations store compute ventured 552 Jollibee stores, 239 for Greenwich, 344 for Chowking, and 37 for Delifrance, 101 for Yonghe King, and 156 for Red Ribbon, the newest in the Jollibee family. Continuous expansion in scathe of the number of food items and outlets is clam up to a lower placeway. hold over 1 below shows the timetable of elected Jollibee Products sell in the Philippine market start from its inception in 1978. stock(a)s Used by the Company Prior to analyzing the 2005 pecuniary statements of Jollibee Foods gage, it is illustrious to make a likeness of the precedents to be espo practice by the familiarity as destined in the 2004 fiscal statements in channel with those receiveds very employ in its supply of the 2005 fiscal statements. Table 2 presents the comparison of business kinship measurings to be use in 2005 as per 2004 pecuniary statements and the business relationship precedents actually employ in 2005 per examination of the federations 2005 fiscal statements.As sack up be seen, eight metres were non identified by the fraternity in its 2004 fiscal statements that were actually adoptive in 2005. Moreover, by facial expression at the 2004 fiscal statements, there has been say a difference in the exhibit of the fiscal nurture. This was noneworthy because although the year 2004 signifies the renewing year towards adopting the Philippine fiscal account cadences and Philippine story Standards, the 2004 monetary statements still has presented the schooling in accordance with the superseded chiefly accepted score principles (GAAP). Table 2 Comparison of Standards to be ut ilise by JFC in 2005 as indicated in its 2004 monetary Statements and Standards actually utilize in 2005 Standard No. / NamePAS 1 launching of pecuniary Statements PAS 2 Inventories PAS 8 accountancy Policies, Changes in Accounting Estimates and Errors PAS 10 Events After the repose Sheet kick downstairs out PAS 14 piece inform PAS 16 attribute, Plant and Equipment PAS 17 Leases PAS 18 taxation PAS 19 Employee Benefits PAS 21 The set up of Changes of Foreign Ex shift judge PAS 24 Related Party divine revelations PAS 27 Consoli accompanimentd and break pecuniary Statements PAS 31 Interests in Joint Ventures PAS 32 fiscal Instruments revealing and Presentation PAS 36 net income per Shargon PAS 36 disability of As invests PAS 37 Provisions, Contingent Liabilities and Contingent As stupefys PAS 39 Financial Instruments acquaintance and Measurement PAS 40 enthronisation Property PFRS 1 First Time toleration of International Financial Reporting Standards PFRS 2 Sh be-Based Payments PFRS 3 Business combination PFRS 5 Non menstruation Assets Held for Sale and quit Operations PFRS 7 Financial Instruments 2004 * * * * * * * * * * * * 2005 * * * * * * * * * * * * * * * * * * * * * * * * * * * * This makeup result elaborate the conformism of Jollibee Foods Corporation in their ad election of the PFRS and PAS as indicated in their 2005 pecuniary statements. It leave alone withal take on a treatment of an break-dance(prenominal) tasks in pecuniary insurance coverage nibd in the analysis of the high societys pecuniary statements.Discussion of Compliance with the Standards In analyzing the monetary statements of Jollibee Foods Corporation for the year 2005, the researcher delved on the revealing charterments of the Philippine Accounting Standards PAS and PFRS create by Philippine make up of Certified existence Accountants (2005). These trites assess whether the play along has complied with much(prenominal) requisites in preparing the PFRS monetary statements for the year 2005, the year where PFRS formats became relevant in Philippine companies. In this case, the make-up used the annual report anesthetized by the friendship in its corporate website in 2004 and in 2005. I. Philippine Financial Reporting Standards (PFRS) PFRS 1 First Time Ad resource of Philippine Financial Reporting Standards autove up 36 of PFRS 1 requires the inclusion of at least one year of relative entropy under the IFRSs.JFC was able to follow much(prenominal)(prenominal) requirements since the fiscal statements presented 2005 selective instruction and 2004 re express data. The spirit 2 of the connections 2005 monetary statements high swoonings such ex curriculumation. Paragraph 36A applies to entities that provide occupy to present comparative selective nurture that does non take after with IAS 32, IAS 39, and IFRS 4, which delves on monetary instruments and insurance insurance contracts, under autho ritative conditions presented in the ideal. In resolving the issue, Jollibee complied with the account policies set forward in IAS 32 and IAS 39. Nevertheless, the political party applied for exemption in adopting the samples retroactively as permitted by SEC, applicable for the year terminate 2004.Hence, the standards will be applied prospectively stock January 1, 2005. Paragraph 37 presents the standards on historic summaries of selected data for dots in the beginning the first finish for which they present full comparative selective training under the IFRSs. This is non applicable to JFCs fiscal statements for the year finish celestial latitude 31, 2005. Paragraphs 38 46 delve on the ex formulateations regarding the transition to precedent GAAP to IFRS fiscal statements. Accordingly, atonements of the partys lawfulness, profit and want, and deterrent losings should nonplus appropriated revelations. The bon tons monetary statements m separate presented s upporting schedules for lawfulness and profits and way outes.With the word sense of PFRS 3 and PAS 36, JFC presented a divine revelation under constituent 2. 3. 1 (Reconciliation of Equity). Moreover, the same contribution similarly exhibited an scupper on the designation of reliable place on fiscal additions or liabilities and paygrade of enthronisation properties under paragraphs 43A 44 of PFRS 1. needed revealings such as the decorous assess of fiscal assets per category and the aggregate unobjectionable none set and adjustment to carrying substances under previous GAAP atomic number 18 in like manner shown. The union has therefore complied with such requirements for first time adoption of Philippine Reporting Standards since it complied with its borderline requirements.PFRS 2 Sh be Based Payments study(ip)(ip) comestible regarding divine revelations in complaisance with PFRS 2 necessitated study that changes users of the monetary statements to see the genius and extent of role-based stipend ar stovements that existed during the percentage point. This holds disclosures such as translation of each type of shargon-based payment arrangements the number and weighted average exercises tolls of sh ar options and the weighted average share price at the date of exercise for options exercised during the level. Moreover, the range of exercise prices and weighted average remain contractual life for share options peachy at the end of the period, more than the option pricing beat used.In admittance, knowledge should be accessible to enable users of monetary statements recognise the determination of decent measures of goods or proceedss received, and equity instruments granted. This take ons disclosures such as weighted average fair harbor of share options granted and other equity instruments granted during the period and education on how the fair honour was heedful. study on share-based payments that were modif ied during the period should alike be discover, if any. Lastly, disclosures that enable users of fiscal statements to understand the do of share-based payment legal proceeding on the entitys profit and passing game and monetary set up should be fork outd.This embroils disclosures on the perfect expenses recognise for the period arising from share-based payment legal proceeding in which goods or helpings received alone did not qualify for recognition as assets, and carrying and intrinsic value of liabilities arising from share-based payment deeds at the end of the period. JFC was able to come after with this standard, pursuit the residency of PFRS 2, including the feed set forth in paragraphs 25B to 25C of IFRS 1. required data to understand its consummation are too indicated. Such indicators were presented in step (b) of prick 2. 3. 1 and atom 2. 24. 2 of the alliances financial statements for the year ended celestial latitude 31, 2005.A more detailed di scussion about share-based payments is presented in pock 23. Here, the federation paused rudimentary education on each type of share-based payments such as Tandem Stock Purchase and plectrum Plans I and II, and Management Stock alternative and Incentive Plans. It wad be give tongue to that JFC has complied with the requirements on Share-Based Payments. PFRS 3 Business Combinations Required disclosures for PFRS 3 were information that enables users of financial statements to valuate the record and financial prepare of business combinations that were complete during the period and after the ease sheet date but before the financial statements are authorized for issue.It should alike light upon, as in the case of the acquirer, information that enables users of financial statements to try the financial effect of gains, privationes, error corrections, and other adjustments recognise in the current period that relate to business combinations that were effected in the c urrent year or in previous periods. In addition, data that will enable users to evaluate changes in the carrying measuring stick of goodwill, if any, during the period should be divulged. The social clubs financial statements complied with the provision of PFRS 3 for which the date is on or after March 31, 2004, the agreement date for all business combinations to be considered as stipulated in paragraph 78 of PFRS 3. below tone (d) of fraction 2. 3. 1 of JFCs financial statements, the notes overly submited information about the financial effects of gains, spillagees, and other adjustments that were effected in current or previous periods.Moreover, the financial statements presented the changes in black eye of goodwill amortizations and recognition of goodwill in accordance with PAS 21. It included several notes in relation to the commencing testing for check losses, and reflected effects of changes of these policies to goodwill account of JFC. This can be best expla ined in courses 8 to 10, where information regarding their coronations in subsidiaries, pursuals in a phrase venture, and goodwill arising from such proceeding were designated. PFRS 5 Non-Current Assets Held for Sale and Discontinued Operations PFRS 5 specifies the accounting for assets held for sale and presentment and disclosure of give up trading operations.It requires assets that get hold of the criteria to be classify as held for sale to be metric at the lower carrying summate and fair value less constitutes to sell, and the dispraise on such assets to cease. Furthermore, assets that meet the criteria as held for sale should be presented interruptly on the baptistry of the brace sheets and the results of discontinued operations to be presented dissipately in the income statement. manifestation requirements include information that will enable users to evaluate the financial effects of discontinued operations and disposals of non-current assets (or disposal gr oupings). Since the smart set imagines that this will vex no material effect on the fraternitys financial position and results of operations as indicated in the 2004 financial statements, this has never been an issue in the 2005 financial statements.PFRS 7 Financial Instruments revise disclosures on financial instruments provided by the standard will be included in consolidated financial statements when the standard is pick out in 2007. II. Philippine Accounting Standards (PAS) PAS 1 Presentation of Financial Statements PAS 1 provides a framework at bottom which an entity assesses how to present clean the effects of transactions and other events provides the basic criteria for classifying liabilities as current or non-current and prohibits the video display of income from run(a) activities and extraordinary items as pick line items in the income statement. Disclosure requirements include the measurement basis (or bases) used in preparing the financial statements and other accounting policies used that are relevant to an understanding of the financial statements.It also requires disclosures of judgments solicitude has made in the process of nurseing the entitys accounting policies that expect the most meaning(a) effect on the measuring sticks recognised in the financial statements. Additionally, it also requires disclosures as to headstone sources of estimation irresolution and other disclosures if not break awayd elsewhere in information published with the financial statements. In 2004, JFCs financial statements noted the potential change in the insertion of minority disport in the equalizer sheet and income statement will be effected in 2005 in addition of restating anterior old age financial data to conform to the 2005 showing.However, in 2005, the corporation believes that this standard will use up no effect on equity on the inform periods presented. In other aspects of the standard, the orders financial statements also complie d with the inclusion of solid accounting judgments and estimates made by the beau mondes vigilance, in addition to the disclosure of cite estimation un trueties. The bring down 2 of the financial statements indicates such complaisance. Corporate information was also included in pit 1 of the lowers to Financial Statements (including the description of the entitys operations and the name of the grow conjunction), together with the basis of breeding and consolidation of the financial statements.Details of dividends are primed(p) in air 15 and line of products 17(b) of the financial statements. In general, the go withs financial statements complied with the requisites of PAS 1. However, the company should also include in segmentation 2. 3. 5 the additional disclosures regarding capital counselling that are not only effected by the company until January 1, 2007. PAS 2 Inventories Disclosure requirements in PAS 2, as shown in paragraphs 36 to 39 are the accounting polic ies adoptive in measuring inventories and terms aspect used, the carrying sum of inventories carried at fair value less salutes to sell, and the amount of inventories experienced as expense during the period, the amount of any write-downs.In addition, the notes should indicate reversal of livestock write-downs, slew that led to the write-downs and the amount of inventories held as shelter or pledge. In the adoption of PAS 2, the company has no foreseen solid changes in its accounting policies thereby PAS 2 will not be an issue for JFC. As indicated in prick 2. 11 in differentiation 2, the company disclosed the accounting policies and represent formula used in the blood line items of Jollibee, both food and non-food items. In flier 6 of the financial statements, the first appearance of the carrying amount of inventories was in accordance with the lower of cost or net realizable values as indicated in the standard. Hence, the financial statements complied with the requi rements of the standard.PAS 7 Cash Flow Statements As can be seen, the financial statements were presented classified by operating investing, and financing activities. eyepatch is it advance to adopt the direct manner in accounting for capital feed ins from operating activities, JFC used indirect method, which is still acceptable in practice because of its easy application. On the other hand, almost all disclosure policies stated in PAS 7 keep complied by Jollibee such as those regarding occupy, income taxes, bullion flows think to the scholarship of a subsidiary, and components/ balancing of cash and cash equivalents in the financial statements and in the notes. This means that the company was able to meet the requirements of PAS 7.PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors below PAS 8, requisite disclosures as to changes in accounting standards or policies include the name of the standard or interpretation, the note that signifies that the ch ange is in accordance with transitional nutrition, its descriptions, the amount of adjustments, and certain conditional disclosures and how the standard address the disclosure, the spirit of the changes in accounting insurance, and rationalitys wherefore this new constitution will lead to a more reliable and relevant information. It should also divulge information when a voluntary change in accounting polity has an effect on the current period or any prior(prenominal) period that would have and effect on that period that that it is impracticable to determine the amount of the adjustment, or might regard future periods. Moreover, it should also present information as to the standards issued but not still hard-hitting to the company. In terms of hanges in accounting estimates, the financial statements mustinessiness depict the nature and amount of change in accounting estimate and its effect on current and future periods when it is practicable to estimate the effect. If not possible, the fact should be disclosed. With regards to errors, disclosures should include the nature and amount of the errors, and the circumstances that led to the error and how it will be intercommunicate by such correction. The company does not expect any operative changes in the accounting policies when it adopts PAS 8 and accordingly, in the 2005 financial statements, it also exhibited no effect on equity at January 1 and declination 31, 2006. With regards to standards issued but not to that extent efficient, class 2. 3. 5 of Note 2 visualised such disclosure.Still, the company should also have included the disclosures regarding capital direction in compliance with PAS that will be applicable in 2007 to fully disclose all standards issued but not yet effective. PAS 10 Events after the Balance Sheet Date PAS 10 provides a limited clearing of the accounting for dividends declared after the vestibular sense sheet date. Disclosure requirements include the date when t he financial statements were authorized for issue and who gave the authorization. It should also disclose the fact that the entitys owners or others have the power to amend the financial statements after the issue. Moreover, if the entity receives information after the counterweight heet date about that conditions that existed at the ease sheet date, the entity should update disclosures in the light of new information. The company does expect any significant changes in the accounting policies when it adopts PAS 10 and accordingly, in the 2005 financial statements, it also exhibited no effect on equity at January 1 and declination 31, 2004. Compliance with this standard is stated in Note 1 with regards to the date of authorization for issue of the financial statements and arm 2. 30 of Note 2 and Note 29 regarding subsequent events. Furthermore, disclosure on dividends whitethorn not be an issue since the company annually declares and pays dividends to its stockholders, as prove by the cash flow statements for the years ended December 31, 2004 and 2005.For this reason, the company was able to comply with the disclosure requirements set forth in PAS 10. PAS 14 piece Reporting This standard establishes the principles for report financial information by fractions about the diverse types of products and go an enterprise produces and the different geographical areas in which they operate. Reportable segments should present the segments results of operations, carrying value of total assets and liabilities, contingencies, expenditures, dispraise, share in profits or losses, and other requirements mentioned in the standard. It also provides secondary inform format requisite disclosures for segment tax receipts enhancements, expenses, results, assets, liabilities, and accounting policies.Accordingly, this standard has no effect on equity at January 1 and December 31, 2004 and as such, is not an issue for the companys financial statements as of December 3 1, 2005. As can be seen, the company maintained the same format in segment reportage for the presentation of segment information in Note 3 of both 2004 and 2005 financial statements. Disclosures are generally in compliance with PAS 14. The company focused on use the ancient account format, since the use of geographical segment reporting is not feasible due to a non-substantial portion of revenues earned by international operations, which are still few in number. In addition, the company disclosed information for inter-segment sales and transfers and the basis of pricing these transactions.PAS 16 Property, Plant, and Equipment Disclosure requirements on seat, typeset and equipment are the measurement bases to determine gross carrying amounts depreciation methods and reclaimable lives used gross carrying amounts and salt away depreciation at the beginning and end of the period balancings of carrying amount of PPE assets pertaining to additions, reclassifications, and other increases or decreases the recognition of impediment and reversal of mischief losses restrictions on title of PPE assets, PPE assets pledge as security for liabilities expenditures link to property, intentt and equipment and changes in accounting estimate as to residual values. Furthermore, the entities should disclose contractual commitments for acquisition of PPE assets allowance to third parties rising from damage of PPE items included in profit and loss information regarding the re rating of property, plant, and equipment as to effective date of revaluation, embarrassment of third parties for revaluation, assumptions in estimating fair values, carrying value of assets under cost models, and revaluation surplus and information on risk of infectiony properties. The company believes that there is no significant effect on equity upon adoption of PAS 16. Similar formats were presented, with differences in the probable r soilments done in the 2005 financial statements. This is certify in note (c) of share 2. 4. 2, which visualized the managements estimation uncertainness assumptions regarding PPE assets. In section 2. 9, the policy on accounting for PPE assets was presented, including compliance with general disclosures in accordance with PAS 16 while in Note 11, the financial statements showed the reconciliation of carrying amounts of PPE assets pertaining to additions, hideaways, reclassifications, and transfers, including the disclosure regarding a fire that damaged the companys commissary. It also included compensation from the insurance company for the damage of the property. No disclosure is necessary on revaluation of properties, as the company had not yet hired appraisers to revalue their properties. Disclosures regarding derecognition on PPE assets and idle and fully depreciated property are not of greater importance, since all properties have instal its usage in the company.PAS 17 Leases PAS 17 prescribes appropriate accounting polici es and disclosures to apply in relation to finance and operating leases. It also prohibits expensing of sign direct costs in the financial statements of the lessors. Under this standard pertaining to operating leases, which the company have adopted (as can be seen in section 2. 3. 1 reconciliation of equity in the companys financial statements, in earn (c) in note 2. 4. 1, and section 2. 26 in Note 2 of the financial statements), disclosures should include total future lower limit lease payments under non- cancellable operating leases for periods within one year, within after one year but not more than five years, and after 5 years (for both lessors and essees) future minimum sublet payments under non-cancellable subleases lease and sublease payments accepted as expenses (for the point of view of lessees) disclosures regarding contingent on(p) rents recognized as income, general description of leasing arrangements, bargain purchase options or renewing options, and restrictions involving lease arrangements as lessors or lessees (for both lessors and lessees). JFC does not expect any significant changes in accounting policies when it adopts PAS 17. In Note 26, the future minimum rental receivables and payables were presented, including the general details of lease arrangements entered by JFC (both positions are renewal options), and legal issues normal to its operations. The company did not entered into sale and leaseback transactions. The Company complied with the accounting rules in accordance with PAS 17.However, as a lessor, the company did not classified assets survey to operating leases according to the nature of the assets in the balance sheet. This is on the assumption that the staunchs lease transactions involve only commercial properties. Information on such classification was aggregated in the financial statements, which ensured its compliance. PAS 18 Revenue Disclosure requirements to comply with this standard includes accounting policies ado pted for the recognition of revenue methods used in accounting for stage of completion of service transactions the amount of significant categories of revenue recognized during the period, which includes sale of goods, rendering of services, nterest, royalties, and dividends and the amount of revenue arising from put backs of goods and services included in each significant category of revenue. The policies adopted for revenue recognition is presented in section 2. 23 as to how they recognize revenue from various categories. Its compliance with standards related to revenue recognition from royalty and franchise fees are delineated in Note 18. though the financial statements do not present the breakdown of revenues according to significant categories, they believe that the use of segment information is already sufficient enough to present the revenues of the company. In this case, such segment information suffices compliance with PAS 18.PAS 19 Employee Benefits Disclosure requirement s under PAS 19 include the policy for recognizing actuarial gains and losses general description of the types of plans reconciliation of assets and liabilities regarding specify benefit obligations actuarial gains or losses fair value of plan assets reconciliation of movements in the future(a) period of net assets or liabilities, total expenses related to employee benefits such as current service costs, stake costs, evaluate actuarial returns on plan assets, past service costs, effects of downsizing and settlement actual return on plan assets and actual return on reimbursement right recognized as an asset and principal actuarial assumptions used at balance sheet date such as discount order, expected rates of returns, expected rates of wage increases, medical cost trend increases, and other assumptions all explicit in absolute terms. The company was able to comply with the rules set on PAS 19. As can be seen in Note (a) of Section 2. 3. 1 of the Notes to Financial Statements, the policies on actuarial gains, losses, past service costs, plus its effect on the contain bread and net income were depicted. Moreover, such information was also presented in the reconciliation of equity. In section 2. 4, the company disclosed their policy on employee benefits, both pension and share-based payments. Accordingly, the company uses defined benefit accounting. They also used defined contribution accounting to rough extent for employees of Chinese domiciled subsidiaries of the company, as seen in Note 22 only a limited disclosure regarding the use of this plan was indicated. It also provided information as to actuarial gains, actual returns on plan assets, plan liabilities, reconciliation of movements in the present value of obligations and fair value of plan assets, fair value of plan assets, the date of actuarial valuation, the actuarial assumptions such as salary increase rate, rate of return on assets, and discount rates.Termination benefits and other long-term benefits are not considered issues to the company. Other disclosures such as medical costs, schedules of contributions by employers and employees, and the recognition of actuarial gains and losses not presented in the financial statements will not affect the companys compliance with the standard. PAS 21 The Effects of Changes in Foreign Exchange pass judgment Disclosure requirements under PAS 21 referring to utilitarian silver of the lift includes the amount of transfigure differences recognized in profit or loss except for those arising on financial instruments measured at fair value through profit or loss in ccordance with PAS 39 and net change differences classified in a separate component of equity, in addition to the reconciliation of the amount of such exchange differences at the beginning and end of the period. Moreover, reasons for victimization presentation funds earlier than available up-to-dateness should be indicated if such is the case or if there is a change in the functional notes of either reporting entity or a significant outside operation, that fact and the reason of change should be disclosed. It will only be deemed complying with the IFRS if all the requirements of each applicable accounting standard and interpretations are followed including the method of translation. The company disclosed its adoption of PAS 21, and they will be applying it prospectively.They also noted that goodwill arising from acquisition of a opposed operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition are now treated as assets and liabilities of the foreign operation and are to be translated at a closing rate. However, this new policy will have no significant impact to the company. As seen in letter (d) of note 2. 4. 1, the company has determined the Philippine peso as the functional currency of the company. Additional information regarding functional currency and translation method is pro vided in section 2. 5. There is no issue as to the use of functional currency, since both get up and subsidiaries will use the Philippine peso.But as can be noticed, although there is a presented amount of exchange differences resulting from translation as indicated in the Statement of Changes in Equity, there is no reconciliation of the amount of such differences at the beginning and end of the period. PAS 24 Related Party Disclosures Relationships between parents and subsidiaries shall be disclosed irrespective of whether there have been transactions between those related parties. An entity shall disclose the name of the entitys parent and, if different, the final controlling party. If neither the entitys parent nor the ultimate controlling party produces financial statements available for public use, the name of the next senior parent that does so shall also be disclosed. Moreover, disclosure requirements include key management personnel ompensation in total and per categories presented in paragraph 16 regarding short-run employee benefits, post-employment benefits, other long-term benefits, termination benefits, and share based payments the nature of related party relationships and information on the amount of transactions and big balances, provisions for doubtful debts, and expenses recognized during the period in respect of atrocious and doubtful debts. The parent shall make separate disclosures, in addition to their interests in a fit control or significant influence over the entity, information regarding the parent companys subsidiaries, associates, sum ventures, key management personnel, and other related parties.JFC finds this standard to have no effect on its equity but they are compliant to adopt the new standard. In note 24, the company noted that the transactions with members of the Jollibee group are eliminated while intercompany advances are major transactions with articulatio venture. They complied with the presentation of outstanding balance of advances as indicated in the standard. The company was able to justify such presentation in Notes 8 and 9. Yet on the other hand, there is no information regarding key management personnel and their compensation schedule. Accordingly, since JFC, as a parent, runs its business on an individual basis of its subsidiaries and other related parties, there is no dependence on the companys related parties.PAS 27 Consolidated and Separate Financial Statements In this standard, the entitys compliance of the standards depends on their disclosure of the nature of the relationship between the parent and the subsidiary, reasons that will not constitute control of an investee in the entity, differences in reporting dates, and a listing of information regarding significant enthronizations in subsidiaries, jointly controlled entities or associates. In note 8, the companys financial statements presented its required disclosures of enthronizations in subsidiaries, although information with their compliance to paragraphs 41 and 42 of the standard is not that material for their presentation regarding separate financial statements. Hence, the company managed to comply with the disclosure requirements of PAS 27.PAS 31 Interests in Joint Ventures PAS 31 delineated several disclosure requirements such as the aggregate amount of condition contingent liabilities, unless the probability of loss is irrelevant the aggregate amounts of capital commitments of the parties with respect to their interest in the joint venture a listing and description of their interests in joint ventures and accounting methods in recognizing interests in joint ventures. JFC was able to comply with the disclosure provisions of the standard, having presented its description of their interest in a joint venture and the accounting method for its joint venture, as seen in section 2. 18 in Note 2 and the entire Note 9 of the financial statements. The first two items are not applicable in the company at the moment. In this case, the company was able to comply with the requirements of PAS 31.PAS 32 Financial Instruments Disclosure and Presentation To enhance the understanding and significance of financial instruments of the entity, the firm should describe its financial risk management objectives and policies, including hedging policies for each main type of forecast transaction for which douse accounting is used. The firm should also disclose a description of the hedge financial instruments designated as hedging instruments including their fair values, nature of risks being hedged, and for cash flow hedges, the period in which cash flows are expected to progress. Information about the nature of financial instruments and basis for accounting recognition must also be divulged.The firm should disclose the amount of gain or loss on a hedging instrument recognized in equity, removed from equity, and the amount removed from equity and was included in the initial measurement of acqui sition cost or carrying amount of non-financial assets or liabilities. Information about their exposures to credit risk and interest rate risk are also mandated. Furthermore, the standard requires information regarding fair valuation of financial instruments, de-recognition of financial instruments, financial assets held as collateral, compound financial instruments with multiple imbed derivatives, reclassification and presentation of income, expenses, gains, and losses resulting from financial assets and financial liability transactions, and impairment and defaults/breaches. Under Note (c) of section 2. 3. of the notes, JFC has insert information on how the company identified its financial assets, and how they wanted those financial assets. These pertain to their investment in stocks, refundable deposits on leases and noninterest bearing car loans. These financial assets were explained in full detail in section 2. 6 of Note 2. In section 2. 16, information on de-recognition of financial assets and liabilities in accordance with PAS 32 were presented. Under Note 27, the company expressed its compliance with PAS 32, showing their risk management objectives and policies, and information on how JFC addresses the financial risks discussed in the standard.In Note 29, the financial statements presented the valuation of financial assets and liabilities, in accordance with the valuation set by PAS 32, together with the information of multiple embedded derivatives. However, detailed information about the maximum degree of risk exposure must be presented. PAS 39 Financial Instruments Recognition and Measurement PAS 39 has no disclosure requirements since they were moved to PAS 32. However, to comply with IAS 39, information about the decrease in retained win and carrying amounts of financial assets was disclosed. In note (c) of Section 2. 3. 1, they also disclosed unrealized loss in the companys AFS financial assets as part of compliance with the standards. Sectio n 2. 6 provided a description of financial instruments held by JFC.In Section 2. 10 the company disclosed information on the impairment of financial assets in accordance with the requirements of PAS 39. Section 2. 22 presents information on the impairment of non-financial assets. Information on Notes 27 and 28 are still applicable in compliance with PAS 39 regarding measurement of financial assets and liabilities. PAS 33 Earnings per Share In presenting the financial statements in accordance with PAS 33, the standard requires the presentation of amounts used as numerators in calculating basic and concentrated sugar per share and its reconciliations to profit or loss attributable to the parent entity for the period.It should also disclose the average number of ordinary shares used to calculate basic and diluted EPS, instruments that could dilute basic EPS in the future, and a description of ordinary share transactions that occur after balance sheet date. Jollibees compliance with t he standard was indicated in section 2. 27 of Note 2 and Note 25, which presented the Earnings per share computations. As indicted in section 2. 3. 4, comparative information and disclosures have been presented as required. However, the adoption of PAS 33 has no effect on equity of JFC. The presentation of Earnings per Share of Equity Holders of the mention was indicated in the Income Statement of JFC.PAS 36 Impairment of Assets Disclosure requirements in accordance with PAS 36 include the amount of impairment losses recognized in profit or loss during the period in each class of assets and reprecious assets, the reversals of impairment losses in each class of assets and revalued assets. For material impairment losses, disclosures as to the events that led to the recognition or reversal of impairments losses in assets, cash generating units and information on aggregate losses should be indicated. Such compliance by JFCs 2005 financial statements is indicated in letter (b) of sectio n 2. 4. 2, section 2. 22 of Note 2, Note 3 regarding segment information on impairment losses, Notes 10 and 11. The company provided disclosures of their assessment of impairment losses on non-financial assetsPAS 37 Provisions, Contingent Liabilities, and Contingent Assets PAS 37 requires disclosures regarding contingent assets, liabilities, and provision. Contingencies are disclosed except when the possibility of an inflow or fountain of resources is remote. Information regarding the nature and estimated amount of such contingency, its financial effects, the uncertainties relating to the outflow and amount of reimbursements are also noted. Obligatory disclosures for provisions include carrying amounts, additions of provisions, provisions used, and unused amounts reversed during the period. Moreover, drawing descriptions on each class of provisions are due for presentation in the financial statements.The company was able to provide information regarding the companys provisions, as stated in Note 14. While information on contingencies is not substantial, still, the assumptions are still presented in Note 2 of the financial statements. PAS 40 Investment Property PAS 40 identified the presentation requirements for investment properties. Disclosures under this standard are and accompaniment of the requirements presented in IAS 17 (or PAS 17, Leases). Entities shall disclose whether they apply the fair value model or cost model in valuing investment properties. Should they apply fair value model, firms should indicate the circumstances property interests held under operating leases are classified and accounted for as investment property.If the classification is difficult, they should distinguish investment property from owner-occupied property and from property held for sale in the ordinary course of business. In addition, entities have to identify the methods and significant assumptions in valuation of investment properties. Amounts recognized in profit or loss such as rental income, operating expenses incurred from properties that are income and non-income generating, existence of restrictions on realizable quality of investment properties upon disposal, and contractual obligations regarding investment properties should be disclosed. Because JFC elected to use cost model in the valuation of investment properties as shown in note (e) of Section 2. 3. of Note 2, disclosures require the depreciation methods used, useful lives or depreciation rates used, gross carrying amount and accumulated depreciation, a reconciliation of the beginning and ending balances showing additions, assets classified as held for sale, depreciation, transfers, impairment losses, and fair value of investment properties. In the same short letter, JFC presented the effects of adopting the policy in the financial statements, as evidenced by the reconciliation make up in the same note. Here, the changes in retained earnings and net income were presented, in addition to the expressed carrying value of the property. In Section 2. 20, the company presented their significant accounting judgments and policies regarding the adoption of the new standard. In Note 10, since they are using the cost method of valuing investment properties, reconciliation was presented showing the cost and accumulated depreciation of investment properties.Moreover, it also showed information regarding any transfers retirements impairment losses and depreciation were depicted. Yet, they did not disclose the accounting methods used and the estimated useful lives of investment properties subject to depreciation. Table 3 Financial Reporting Issues Presented in the abbreviation of Jollibees Financial Statements for the Year 2005 Standard No Financial Reporting Issues Presented The non-inclusion under Notes 2. 3. 5 regarding disclosure standards regarding capital management that should be indicated even though the provisions are not yet effective The classification of Judgments a-c in Notes 2. 4. 1. Is that considered a judgment, or an estimation uncertainty? PAS 1 PAS 8 PAS 24 PAS 40 ADDITIONAL NOTESSame as the problem of application in PAS 1 regarding disclosure standards on capital management Information about key management personnel was not indicated in the notes to financial statements. Information about the persons, their salaries, etc. is found in the 2005 SEC Form 17A. except the disclosure regarding accounting methods used and estimated lives of investment properties subject to depreciation were not described. The sour of the financial statements in the annual report has produced several encoding errors in the toil of the financial statements. In summarizing the entire discussion, Table 3 highlights all financial reporting issues noted in the analysis of Jollibee Foods Corporations 2005 financial statements. As can be seen, there has been an issue regarding the adoption of ten Philippine Accounting Standards.In addition, there was noted both (prenominal) encoding errors in the financial statements per examination of the annual report. Referencing regarding the reconciliation of equity upon adoption of the new standards is one example. Such errors, if noticed, whitethorn lead to some confusion in understanding the financial statement information. Other Problems in Financial Reporting This section tackles the problems that might have forgathered by Jollibee in their dressing and presentation of the financial statements other than disclosure requirements. In addition, this paper will address how the company whitethorn have resolved such setbacks to achieve a fair presentation of the financial information.Functional Currency and Translation This problem arose for the reason that Jollibee has been maintaining international operations in the United States, Hong Kong, Vietnam, Brunei, Guam, and Saipan. In addition, its Chowking stores are located in Dubai, while their Yonghe King restaurants hardened in China. Red Ribbon h ad also expanded in the US even before it was acquired by Jollibee. Because these countries uses different currencies in their daily operations and in the preparation of financial data, it is wondered how Jollibee will address such problem in their consolidated financial statements, whose parent company is situated in the Philippines.The problem was resolved in Note 2. 5. As can be said, the companys management determined its functional currency to be the Philippine peso. In this case, the company measured these international transactions in Philippine peso at the transaction dates. Monetary assets and liabilities were measured using the exchange rate at balance sheet date. Non-monetary assets and liabilities wee measured at historical cost using the exchange rate at the date of initial transaction. Its foreign subsidiaries financial statements were translated into the presentation currency of the company. Exchange rate differences were presented in the financial statements, though in aggregate form.Receivables Although the companys main business is the development, operation, and franchising of profligate Service Restaurants (QSR), the company also maintains other operations in support of their QSR restaurants like franchising and leasing of facilities to other companies, it can be inferred that the company does not only depend on cash sales brought about by their restaurant operations. Receivables arose because franchising and real estate are also revenue-generating areas of the organization which also forms part of their trade receivables. Moreover, they also have dues from the joint venture and other related parties, which were aggregated as loan receivables. To prevent confusion, the company presented in its segment information the operations of such segments and as such, users can find out those transactions under franchising and real estate operations may in the first place cause such receivables recognition.Inventory Valuation Because the primary ope ration of Jollibee is the operation of QSRs, it is noteworthy that the major bulk of their investments are food supplies, novelties, packaging, store supplies, and processed inventories. The perishable nature of food supplies and processed inventories, and the obsolescence of other supplies due to the deliver of new packaging designs, the lapse of periods where Jolly Kiddy meals come with novelties, and other time-based factors are the problems that Jollibee encounter in the valuation of its inventories. As such, the company maintained the policy of the First-In, First-Out (first in first out) basis of inventory system and in their valuation of inventories as of the balance sheet date.This is to prevent the disability of goods that may be harmful if not used within a certain amount of time, and to maximize the usability of these items. Though designs change, its inferior value is the same for packaging all Jollibee products. Cost valuation using FIFO allows the firm to value its unsold or unused inventories at more novel dates of acquisition, which is acceptable under the new standard. Revenue Recognition Jollibee recognizes revenue from various sources such as from sale of goods, royalty fees, franchise fees, dividend income, rental income, and interest income. While the policy of revenue recognition was presented in the notes to financial statements, certain foreland on how they recognize revenues from franchise fees.Accordingly, such revenues are recognized when all services or conditions relating to the transaction have been substantially performed. Substantial may not be the total execution of instrument demanded to the company in providing such services. The question lies regarding new franchisee transactions that the companys services commence at one period and terminates on the other period. How will the company assess their substantial motion on such franchise services to its new franchisees on the first period? Segment Reporting As can be seen , Jollibee has presented its segments on the basis of the nature of operations. Specifically, the company presented the food service, franchising, and real estate segments of its business.Knowing that Jollibee has international operations in the USA, East and Southeast Asia, and even in the Middle East, it is of question why did the company did not presented information related to geographical segments. Be it noted that of the more than 1,000 outlets of the Jollibee conference, less than cxl of them were located outside the Philippines, including the 101 Yonghe King restaurants in China. Based on the feature surgical procedure of these stores, the international operations has yet to contribute more in the total operations of Jollibee, as approximately 90% of their stores are located in the Philippines. Again, it should also boil down on the notation that Jollibee has other major operations.That could be the reason for segment information to be describe that way. Admission of Re d Ribbon into the Jollibee Group In 2005, the company bought Red Ribbon, a company that sells cake products to Philippine consumers. Red Ribbons financial statements prior to acquisition are prepared for the fiscal year ending June 30. Since Jollibee and Red Ribbon have time differences in financial reporting, the stockholders and the Board of Directors agreed that the reporting period of the company should follow the calendar year presentation of Jollibee. Hence, the notes presented the summative position and performance of Red Ribbon for the fiscal year endedJune 30, 2005 and for the six months ended December 31, 2005, following the calendar year. Financial Instruments Due to the pertinency of PAS 32 and 39, the company classified certain investments in shares of stocks as available-for-sale financial assets and valued at fair value, though these has been measured at lower of aggregate cost or market value in the previous GAAP. Refundable deposits on leases and non-interest beari ng car loans were re-measured at fair value at initial recognition and subsequently at amortized value under the effective interest method. Prior to such adoption, these are carried at cost, less impairment in value under previous GAAP.Such adoption resulted in a decrease in retained earnings for the company, which may have brought ill effects to the company from the point of view of layman financial statement reader. Realizations After analyzing the financial statements of Jollibee Foods Corporations 2005 financial statements to identify the issues and problems in their financial reporting in accordance with the PFRS and PAS, this paper presents some realizations about the state of the company attempt to ensure compliance with the Philippine accounting standards under issue in the preparation of the financial statements. In addition, an insight regarding problems in financial reporting is presented. 1. Some judgments may not be considered judgments at all.While the company may ha ve a point in identifying several issues to be as accounting judgments, it may be best-loved if such judgments like impairment, leases, and asset retirement be presented under estimation uncertainties. This is because this transactions or events normally require estimations rather than judgments. 2. Keep abreast with the release of new standards. It can be assumed that the newest release of PAS 1 standards relating to capital management may not yet noted by the company. Jollibee must endlessly upgrade its sense of these new standards since it might have a significant bearing on how they will present the information to comply with such new standards. Such can be achieved through attendance to seminars on PAS and PFRS, and continuous training and research. 3. Redundancy can lead to fair presentation.Standards have the say. Sometimes, the notes have to be redundant in stressing out the topic of applications, measurement, and valuation of items that are covered by a particular accoun ting standard (e. g. PAS 14, Segment Reporting and PAS 18, Revenue, where both standards require the presentation of similar information related to reportable and non-reportable segments). In such case, preparers of financial information have no option but to present the information more than once, as per accord with the standards. 4. Show reconciliations, when necessary. The use of such reconciliations may lead to a better understanding of the financial statements.Showing the movements in the beginning and ending balances may already be an important tool to understand the information related to such reconciliation. 5. encode information with accuracy and with precision. Preparers of financial statements must exercise due care in encoding of information in the soon-to-be published financial statements. Errors resulting from such carelessness may mislead users of financial information in making economic decisions for the company. 6. Problems are immortal. parvenu policies, new stand ards, new conventions. These lead to problems particularly in dealing with the preparation of the companys financial statements. Instant compliance maybe difficult. Sometimes, resolving these problems might have adverse effects.It really depends on the company on how they are motivated to face these situations and eventually gear itself to imminent financial reporting problems in the future. References Acuna, C. , Bernaldo, R. , Dy, L. , Malabanan, R. , & Young, L. (2004). A comparative study on the performance and financial position of Jollibee and McDonalds for the years 1999 2006. unpublished undergraduate thesis. Manila, Philippines De La Salle University. Jollibee Foods Corporation (2004). Jollibee Foods Corporation Annual Report 2004. Pasig City, Philippines. Jollibee Foods Corporation (2005). Jollibee Foods Corporation Annual Report 2005. Pasig City, Philippines Philippine Institute of Certified Public Accountants (2005). Philippine Accounting Standards Vol. 1-5. Mandaluyon g City, Philippines.